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Brent crude oil futures plunged 2.41 dollar or 4.75 percent to close at USD 48.38 a barrel at NYMEX. June WTI crude rose 70 cents, or 1.5%, to settle $46.22 a barrel on the New York Mercantile Exchange. Rosneft PJSC, Russia’s largest oil producer, said first-quarter profit climbed 8.3 percent as the effect of higher crude prices was offset by a stronger ruble and production cuts. Stale, crowded oil longs in Commodity Futures Trading Commission data have been reminiscent of sterling and 10yr Note shorts and are now suffering the same fate as the market gods play with us mortal fools. The speculator group cut its combined futures and options position in NY and London by 60,882 contracts to 224,058 during the week to May 2, data from the U.S. Commodity Futures Trading Commission (CFTC) showed.

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oil prices crashing in late 2015 and early 2016 and U.S. shale production

The contract slumped to its lowest level since late November, losing $2.30, or almost 5 percent, to settle at $45.52 a barrel on Thursday. The glut in oil sent oil prices crashing in late 2015 and early 2016 and U.S. shale production, especially in areas like the Bakken fields of North Dakota, took a hit. He said traders saw $45 as an important level because the Saudi oil minister said earlier this week that prices would be kept in the $45-55 range. Brent crude oil futures plunged 2.41 dollar or 4.75 percent to close at USD 48.38 a barrel at NYMEX. June WTI crude rose 70 cents, or 1.5%, to settle $46.22 a barrel on the New York Mercantile Exchange. Although the efforts of major oil producers are limited by record levels of United States crude output, the increase in global oil demand encouraged by the OPEC oil cap is helping to stabilize the oil market, Mu argued. The Canadian dollar strengthened 0.44 percent versus the greenback at C$1.37 per dollar, after 10 consecutive sessions of declines.